What is a market niche?
A)A small group of consumers with unique needs and who typically are willing to pay a premium to have those needs met.
B)A small segment that a firm tries to dominate but ultimately shares with many other competitors.
C)A competitive position that has cost a firm in time and money but has shown little profitability.
D)Astrategy that positions the firm's brand as close to the market leader as possible.

Question

Quizplus · Accepted Answer

A market niche refers to a small group of consumers with unique needs that aren't being fully met by mainstream products or services. These consumers are typically willing to pay a premium to have those needs met, making them an attractive target market for businesses.

What Is a Market Niche